Newdex’s USDT Cross-chain Conversion

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Another year has come to the past and it is that time of the year again when we celebrate and reflect on what we have done and accomplished this year. This year also marks the end of the decade that saw the rise of cryptocurrencies a viable alternative to the traditional financial system that remained stagnant for centuries. While the cryptocurrency is still on its infancy stage, pioneers in the space continue to innovate to bring as a revolutionary financial system that will disrupt the entire financial industry one of which are Stablecoins.

Stablecoins

As the name suggests Stablecoin are digital assets or cryptocurrencies that offer a relatively stable price. The value of these coins are derived from assets that have a relatively stable price compared to cryptocurrencies such as commodities and fiat currency. Some Stablecoins are not backed by any stable assets called Seigniorage-style which utilized powerful algorithms to make their prices relatively stable.

Tether (USDT)

Tether (USDT) was initially issued on top of Bitcoin’s Omni layer and quickly followed as an ERC20 token in the Ethereum network. Later, it was issued to newer blockchain such as TRON and EOS making it the first multi-chain stablecoin. Currently, USDT is present in four public blockchains namely, Bitcoin’s Omni layer, Ethereum, Tron and EOS. Only time will tell if Tether and its backers decide to enter other blockchains in the future. For now, those are the choices although Tether is scaling back its support on the Omni layer migrating most USDT into ERC20.

Newdex’s USDT Cross-chain conversion

USDT (EOS) to USDT (TRON)
USDT (EOS) to USDT (ETH)
USDT (TRON) to USDT (EOS)
USDT (ETH) to USDT (EOS)

EOS and TRON conversions are free while EOS and ETH conversion carries a measly 0.5USDT flat fee. Meaning no matter how much you are converting the charge will always be the same. The Omni layer is not currently supported and might not ever be due to Tether’s decision to scale back its support of the said protocol.

How to conduct a USDT Cross-chain conversion?

My thoughts on Newdex’s USDT Cross-chain conversion

With the Newdex USDT Cross-chain conversion feature, I don’t need to deposit and withdraw my assets making it a whole lot faster, safer and most important of all cheaper. For those who have been looking where to find EOS-based USDT, look no further, as Newdex provides the best and easiest way to get them.
For more information about Newdex please follow its official links below:

Website: https://newdex.vip/
Twitter: https://twitter.com/NewdexOfficial
Medium: https://medium.com/@marketing_27690

Blockchain/crypto enthusiast from the Philippines.